RIT_Capital_Partners

RIT Capital Partners

RIT Capital Partners

British investment firm run by the Rothschild family

RIT Capital Partners plc, formerly Rothschild Investment Trust, is a large British investment trust dedicated to investments in quoted securities and quoted special situations. Established in 1961, the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Lord Rothschild has been president and Sir James Leigh-Pemberton chairman since September 2019.[1]

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History

In 1961, the company was founded, on the initiative of Jacob Rothschild, to serve the English branch of the family Rothschild for investments outside their bank N M Rothschild & Sons: it was named "Rothschild Investment Trust".[2][3] In 1980, there was a conflict between Jacob Rothschild and Evelyn de Rothschild, then the head of N M Rothschild & Sons. Evelyn de Rothschild withdrew the money invested in the banking house of Rothschild Investment Trust and forbade the company to continue using the name Rothschild. Jacob Rothschild left the Board of N M Rothschild & Sons and took sole control of the Rothschild Investment Trust. In April 1982 the company bought the "Great Northern Investment Trust" and was subsequently renamed "RIT & Northern."[4] In November 1983, Jacob Rothschild merged RIT & Northern into Charterhouse Japhet and took a controlling stake in the combined business which was briefly known as Charterhouse J. Rothschild.[4] Jacob Rothschild then sold the banking business, still known as Charterhouse Japhet, to the Royal Bank of Scotland in 1985.[5] On 25 December 1986, RIT Capital Partners secured a 96-year lease (with an additional 24-year option) of the Spencer House in London.[6] In 1988, Jacob Rothschild transformed the remaining investment business into a publicly traded investment trust with the name "RIT Capital Partners plc."[7]

In 2010, RIT Capital Partner joined the World Gold Council.[8] In May 2012, RIT Capital Partners, led by Jacob Rothschild, bought a 37% share in Rockefeller Financial Services (David Rockefeller).[9][10] In September 2019, Lord Rothschild stepped down as chairman and director of RIT Capital Partner, but remained president of the investment trust.[1]

Operations

RIT Capital Partners has its headquarters in Spencer House, ( St James's, London, England ), one of the last surviving city palaces in London (next door to Bridgewater House, one of the others). Due to the initiative of Lord Rothschild, in 1985 RIT Capital Partners plc purchased a 96-year lease (with an additional 24-year option) of the house and restored the state rooms and garden to their original appearance.[11]

Notable persons

References

  1. [1]
    "Lord Rothschild to be President of RIT Capital". QuotedData. 25 April 2019. Retrieved 24 October 2022.
  2. [2]
    RIT Capital Partners: great trust, but too popular? Citywire, 2 December 2011
  3. [3]
    "We are family: seven investment trusts where blood runs deep". City Wire. 29 September 2015. Retrieved 18 February 2023.
  4. [4]
    "Rothschild merger in Britain". New York Times. 4 November 1983. Retrieved 14 April 2017.
  5. [5]
    "European dreams: Charterhouse Bank". The Economist. 13 February 1993. Archived from the original on 14 April 2017. Retrieved 13 April 2017.
  6. [6]
    "RIT Capital Partners PLC Annual accounts 2009". Companies House. 29 July 2009. p. PDF page no. 19 (document page 17). Retrieved 26 February 2022.
  7. [7]
    "RIT Capital Partners reveals stellar gains since 1988's flotation". Shares Magazine. 1 March 2018. Retrieved 24 October 2022.
  8. [8]
    White, Garry (22 June 2010). "Lord Rothschild fund joins World Gold Council to put £12.5m into BullionVault". www.telegraph.co.uk. Retrieved 2022-10-24.
  9. [9]
    Charlie Rose: David Rockefeller and Jacob Rothschild’s Business Deal Created a Historic Legacy, Vanity Fair, 25 March 2015
  10. [10]
    Scott, Mark (2012-05-30). "Rockefeller and Rothschild Dynasties Join Forces". DealBook. Retrieved 2022-10-24.
  11. [11]
    "Spencer House". Archived from the original on March 26, 2013.
  12. [12]
    "RIT's Duncan Budge resigns". Reuters.com. Archived from the original on 21 July 2012. Retrieved 3 July 2022.
  13. [13]
    "Venture capital | Kestenbaum joins Five Arrows - Real Deals". Realdeals.eu.com. Archived from the original on 10 July 2011. Retrieved 15 January 2022.
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